The Banco Português de Fomento (BPF) is working on a “fund of funds” designed to operate as a permanent sovereign wealth fund to support the growth and internationalisation of Portuguese SMEs and start-ups. According to Tereza Fiúza, the bank's Chief Investment Officer, the initiative aims to professionalise capital management, leverage public and private investment, and help small Portuguese companies scale globally, moving beyond the country's current reliance on micro-enterprises.